Negotiations for a free trade agreement (FTA) among South Korea, China and Japan could start in 2012 as the countries aim to reduce their reliance on the United States and the European Union, Beijing's vice commerce minister said Thursday.
"The financial crisis has made us aware of the huge risks if we continuously bet on the United States and the European Union to spur
exports," Yi Xiaozhun said in an interview with the state-run newspaper China Daily.
"So, a regional FTA that could help boost the foreign trade and investment of the three nations, and reduce reliance on Western markets, is a way out."
South Korea, Japan and China have been seeking to form an FTA among the three Northeast Asian countries.
The interview came as South Korea, China and Japan began Wednesday a third joint study meeting on the feasibility of the FTA, in Weihai, China
for a three-day run. In May this year, the three nations launched the project with the aim of concluding it by the end of 2012.
Last year, trade ministers from the three nations agreed to hold a working-level joint study on the agreement, with government and industry
officials also participating.
South Korean President Lee Myung-bak earlier said Seoul needs to consider a free trade deal with Beijing in order to keep up with other nations that have been adjusting to trade conditions stemming from China's rapid rise in
the global economy.
Free trade talks between Seoul and Tokyo have been stalled since late 2004, largely because of Japan's reluctance to lower tariffs on agricultural goods.
The two countries started preliminary talks to resume the stalled negotiations in June 2008 and have since met four times, including the latest meeting last December.